Daily Gold News: Monday, Aug. 30 – Gold Above $1,800 Again Following Powell’s Dovish Speech – Yahoo Finance

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The gold futures contract gained 1.35% on Friday, as it broke above its recent local high of around $1,812 following a dovish speech from the Fed Chair Jerome Powell at the Jackson Hole Symposium. On Wednesday and Thursday the market retreated below $1,800 level again, but it was just a short-term weakness. Gold is now trading along $1,820 price level. This morning the yellow metal is basically at the Friday’s daily closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is virtually flat right now, as it is trading below the $1,820 price level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.2% lower and palladium is 1.6% higher. So precious metals’ prices are mixed this morning.

Friday’s important Core PCE Price Index release has been as expected at +0.3% m/m, but the Personal Income/ Personal Spending releases have been mixed. Today we will get the Pending Home Sales release at 10:00 a.m. The markets will be waiting for Friday’s monthly jobs data announcement. And tomorrow we will have the CB Consumer Confidence release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Monday, August 30

  • 10:00 a.m. U.S. – Pending Home Sales m/m

  • 9:00 p.m. China – Manufacturing PMI, Non-Manufacturing PMI

  • All Day, U.K. – Bank Holiday

Tuesday, August 31

  • 8:30 a.m. Canada – GDP m/m

  • 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y

  • 9:45 a.m. U.S. – Chicago PMI

  • 10:00 a.m. U.S. – CB Consumer Confidence

  • 9:30 p.m. Australia – GDP q/q

  • 9:45 p.m. China – Caixin Manufacturing PMI

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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This article was originally posted on FX Empire


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